India And Philippines To Intensify Customs Cooperation

by Mary Swire, Tax-News.com, Hong Kong

27 November 2017

The governments of India and the Philippines on November 22 announced that they would be cooperating more closely on customs matters.

An agreement to be signed by representatives of the two countries provides for co-operation and mutual assistance in customs matters, especially with regards to the prevention and investigation of customs offenses.

The Agreement is also expected to facilitate trade and ensure efficient clearance of goods traded between the countries.

In a statement, the Indian authorities said: "The Agreement would provide a legal framework for sharing of information and intelligence between the customs authorities of the two countries. It would help in the proper application of customs laws, prevention, and investigation of customs offenses and the facilitation of legitimate trade."

"The draft agreement takes care of Indian customs' concerns and requirements, particularly in the area of exchange of information on the correctness of the customs value declared and authenticity of certificates of origin of the goods traded between the two countries."

TAGS: tax | value added tax (VAT) | India | export duty | law | Philippines | import duty | trade

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